The Asian financial crisis, which began in 1997, dramatically affected the citizens of East Asia, particularly those in Thailand, South Korea, Malaysia, Indonesia, and Hong Kong. People who had long been accustomed to relatively high growth in a generally stable regional environment suddenly faced quarter on quarter of negative growth, deflation, and mushrooming unemployment levels. It was the first time that many in East Asia had ever experienced such deep-seated, pervasive economic turmoil.
Andrew Sheng's book provides a truly “ringside” account of the Asian financial crisis as it unfolded (p. 1), and traces its effects up to a decade later. As indicated by its subtitle, it provides the reader with a unique perspective—that of a senior regulator with detailed knowledge of the regional as well as global regulatory system—a view that brings with it much fine-grained analysis of the ins and outs of finance and economics. Such a perspective is...
